Against the US Dollar, Sterling moved below the $1.20 level during London trade, striking a 3-year trough, as FX traders succumb to sell pressure on worries over Sterling's future after the Brexit. Since 2016, when voters opted to leave the E.U., Sterling has depreciated nearly 20%. Analysts say that the next 48 hours will be crucial to gauging the way forward as the Prime Minister's Parliamentary ultimatum is set to be challenged.
As reported at 11;24 am (GMT) in London, the GBP/USD was trading lower at $1.1986, down 0.6713% and of the session trough of $1.1959. The EUR/GBP is trading at 0.9126 Pence, a gain of 0.4149%; the pair has ranged from 0.90739 Pence to 0.91482 Pence in today's session.
Markit Surveys Eyed
As had happened last week, market surveys for the UK are nothing short of a disappointment. The latest PMI reading from Markit on the all-important construction sector fell to 45.0 in August, down from July's 45.3 reading and a far cry from the predicted rise to 45.9. Tomorrow, the Markit Services sector survey will be released, and the last poll of economists is predicting a fall in the numbers to 51.0, down fro, 51.4.